Austin Community College purchased the ground lease for the core building of Highland Mall, completing its full acquisition of the property Aug. 7.

The ground lease is for the building that houses retail tenants, the former Dillard's men's store, the former cinema and common spaces that include the food court. The building had been subject to a lease through 2070, and the college would not have had the ability to use the building during that period, said Alexis Patterson Hanes, senior public information coordinator.

"Now that we've acquired the lease, the college owns and may use the building," she said.

Mall business will continue as usual for the foreseeable future under the management of Jones Lang LaSalle.

ACC has been acquiring portions of Highland Mall since 2010, Patterson Hanes said, including:

Dillard's women's store in May 2010 for $4.7 million

Macy's in December 2010 for $5.7 million

32.2 acres of land on which the mall sits in May 2011 for $14.8 million

J.C. Penney in August 2011 for $15.9 million

Ground lease for the core mall building and cinema for $2 million

ACC has spent a total of $43.1 million for the 81 acres at the Highland property. The college plans to transform the site into an education center. The first phase will start in early 2013 with the renovation of the former J.C. Penney store into a math emporium with "an open-lab model that allows students to move through developmental math curriculum at an individualized pace," according to a news release. That space will open in fall 2014.

"ACC recognizes the important role Highland Mall has played as one of the area's first suburban shopping malls," said Barbara Mink, chairwoman of the ACC board of trustees, in a statement. "We will continue to partner with neighborhood groups, the city and other stakeholders as Highland Mall's next chapter takes shape. The college is proud to help bring new life to the area and increase educational opportunities."

Progress updates may be found on ACC's Highland page: www.austincc.edu/highland.